12 December 2014
Sound Oil plc
("Sound Oil" or the "Company")
Nervesa EIA Final Approval
Sound Oil, the European focused upstream oil and gas company, is pleased to announce that it has received the final EIA approval from the Veneto Region for the second Nervesa appraisal well, which will seek to confirm and develop the Southern discovery.
The drilling authorisation from the Italian Ministry of Economic Development is expected later this month and operations on site are ready to commence.
James Parsons, Sound Oil's Chief Executive Officer commented:
"Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million. The drilling of the next well commences shortly and will signal the start of an exciting period of back-to-back drilling with the Badile well followed by both the SMG and Laura wells. "
For further information please contact:
Sound Oil James Parsons, Chief Executive Officer |
[email protected] |
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes |
Tel: +44 (0)20 7131 4000 |
Peel Hunt - Broker Richard Crichton Charles Batten |
Tel: +44 (0)20 7418 8900 |
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon |
Tel: +44 (0)20 7016 9573 |
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Notes:
NPV10 refers to a net present value at a discount rate of 10%. The information contained in this announcement has been reviewed by Sound Oil's Italian Managing Director, Luca Madeddu Bsc, a qualified petroleum geologist and member of the Society of Petroleum Engineers.
